Beware of Hiding Assets When Going Through a Divorce

Beware of Hiding Assets When Going Through a Divorce

Posted By
Dean Kantaras

When a couple gets divorced, both parties must take certain steps to divide
their shared marital assets. This can be a time-consuming and expensive
process, and sometimes one or both spouses begin to feel some degree of
resentment. They may feel like they are losing the results of their hard-earned
financial success or that their former partner is trying to take more
than he or she deserves.

In these situations, it may be tempting for one of the spouses to consider
hiding assets to keep the other from gaining access to them. It’s
important to understanding that it’s highly illegal to engage in
this practice, and anyone caught doing it can face both civil and criminal
penalties in the state of Florida.

There are myriad ways that someone may go about attempting to hide assets.
These include transferring property to friends or family, laundering cash
through a business, failing to disclose the extent of one’s assets
or physically hiding evidence of assets. Although some of these actions
may not seem illegal or unethical, they are actually against the law.

If an individual is caught hiding assets in a divorce, the court reserves
the right to impose a number of penalties. These may include paying the
court costs and legal fees of the other spouse. Additionally, a judge
may decide to void a prenuptial agreement — resulting in even greater
costs. In certain situations, court officials may even hold a person in
contempt of court.

Responsible attorneys will always advise their clients against trying to
hide assets when going through a divorce. The best approach is to be open
and honest, striving to reach a fair settlement with your former spouse.
For more information on all issues related to divorce in Florida, speak
with an experienced family law attorney at the Law Office of K. Dean Kantaras.